Colorado is one of nine states eligible for a new $200 million phase of Race to the Top funding, the U.S. Department of Education announced this morning — and state leaders plan to apply.

"We have every intention of pursuing this opportunity," Gov. John Hickenlooper said in a released statement this afternoon. "Colorado will build on our previous Race to the Top applications, forge ahead with the reform efforts we already have underway and hopefully secure this federal funding."

The nine states that didn't make the final cut in the first two rounds are eligible to apply this fall for grants ranging between $10 million and $50 million. The grant size will be determined by the number awarded and the population of the states that receive them.

Because the grants are smaller than in the first two rounds, the original Race to the Top applications must be updated to limit the scope.

Last fall, Colorado's application for $175 million intended to spark innovation in districts statewide placed 17th out of 19 finalists with a score of 420 on a 500-point scale.

"Our state deserved to win an earlier Race to the Top round," said Sen. Michael Bennet, in a press release. "We will now have the opportunity to ultimately win some Race to the Top resources to implement our cutting edge reforms."

Bennet also said he would help any way he can to make Colorado's application successful.

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"I trust that the scoring system will be improved under this competition and," Bennet said. "If that is the case, I will continue to fight to ensure that there are additional rounds of Race to the Top moving forward."

The federal appropriations bill passed in April gave the U.S. Department of Education $700 million for Race to the Top, including $500 million for a new Early Learning Challenge, announced today by Education Secretary Arne Duncan and Health and Human Services Secretary Kathleen Sebelius.

That challenge — also a state competition — will focus on initiatives that address children's health as well as their education.

Colorado will also review competing in that challenge.

"Colorado has an aggressive education reform agenda with plans to improve early childhood literacy and educator effectiveness," said Lt. Gov. Joe Garcia. "During these challenging economic times, it is critical that we pursue these Race to the Top funds."

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